Starting
a jewelry business can be a costly thing. On average the startup cost can range
from $2,000-$10,000, but if done incorrectly the cost could range up to $50,000
or more! Elements such as the price of gold, silver, jewels and precious metals
are all in question. You will need to purchase equipment that is capable of
doing any design or technique required for your pieces. Most of these
businesses begin as hobbies or side jobs that later start to form and become
actual businesses. There is no set market for these types of businesses due to
their diverse target markets. High-end businesses such as Pandora or Zales
target a much older female audience, while other high-end stores like Avianne
target a more urban male audience.
My business is Oggún Owó Creations. Unlike
these businesses, we focus on serving Santería and Lucumi faith worshipers. The
idea of creating religious jewelry pieces has been around for a few years, but
pieces targeted specifically for this community are not common. My plan is to
start off as an online business where I can focus all my costs on jewelry
supplies and not on rent, insurance or other startup costs. So far we spend
close to $600 a month on supply and generate around $2,000 a month. Our
business has been open since February and has attracted new customer’s
everyday. We plan on expanding to a physical location in the near future.
There are many successful
independent jewelry stores out there. Oggún Owó Creations is unique due to its culture.
We are not just a jewelry shop; we’re a religious organization that offers help
to any person feeling in need of spiritual guidance. Our business’s physical
location will be in Miami, FL and will feature spacious facilities for music
performances and other festivities. I want to create a judge free environment
that is suitable for all ages, race and beliefs.
Sources:
http://www.entrepreneur.com/businessideas/jewelry-business
http://www.avianneandco.com/
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